UAE says most countries in oil cut deal like idea of long-term alliance

A majority of the OPEC and independent oil producers participating in a current deal to cut supply like the idea of a long-term producers’ alliance, the energy minister of the United Arab Emirates said on Thursday. The Organization of the Petroleum Exporting Countries (OPEC), Russia and several other non-OPEC producers began to cut supply in January 2017 in an effort to erase a global glut of crude that had built up since 2014. OPEC and its partners, 24 countries in all, have extended the pact until the end of 2018 and are considering a deal to prolong their alliance for years or even decades. “I think the idea itself is liked by, if not all, the majority […]